[ad_1]
SINGAPORE (September 17, 2020) Tycoons on the 2020 Forbes Philippines Rich List saw their collective wealth fall by 22% to $ 60.6 billion as the Covid-19 pandemic disrupted the country’s economy. The full list can be found here and in the September issue of Forbes Asia.
Despite having one of the strictest lockdowns in the world, the Philippines saw its Covid-19 cases surpass 250,000 in September, the highest number in Southeast Asia. The country’s benchmark stock index, the PSEi, reflected the economic challenges posed by the pandemic, falling 26% since fortunes were measured a year ago.
A total of 32 listeners saw their net worth decrease. The Sy brothers took the biggest hit in dollar terms, but remain at number one at $ 13.9 billion. His fortune fell by $ 3.3 billion amid a contracting economy and rising unemployment. Real estate mogul Manuel Villar maintained his rank as the second richest in the country, even as his wealth fell from $ 1.6 billion to $ 5 billion. Enrique Razón Jr. rises one spot to No. 3 this year with a net worth of $ 4.3 billion, down from $ 5.1 billion previously.
Banking fortunes were hit especially hard. The Ty brothers (No. 12, $ 1.4 billion) of GT Capital and Metrobank saw their fortunes fall 46%, while Frederick Dy (No. 37) fell more than 46% to $ 190 million as shares of its Security Bank fell 52%. last year.
Fast food billionaire Tony Tan Caktiong (No. 9, $ 1.9 billion) suffered a pandemic-induced hit to his wealth this year. While nearly 90% of its restaurants in Jollibee had reopened by the end of June, most were limited to home delivery and take-out. The lack of dining services cut sales by almost half and caused his company’s stock to drop more than 40%, reducing Tan Caktiong’s net worth by 37%.
Oscar López (No. 32), who owns a majority stake in the ABS-CBN television network, saw his net worth nearly cut in half to $ 240 million after Philippine lawmakers rejected the company’s offer in July. to renew your 25-year broadcast license; its shares have lost about 65% of their value in the last year.
Among the 10 listeners whose fortunes rose, Edgar Sia II (No. 21) was the top earner this year in both percentage and dollar terms. He added $ 300 million, or 75% of his net worth, which is now $ 700 million. The increase was partly due to the successful IPO of his MerryMart in June, as the grocer’s stock has nearly doubled since listing as quarantine measures boosted sales.
The two newcomers to the list include Lance Gokongwei and his brothers, who debuted in fourth place with a net worth of $ 4.1 billion. They replace their father John Gokongwei Jr., who passed away in November 2019. Gokongwei shares this fortune with his five sisters Faith, Hope, Lisa, Marcia and Robina.
Eduardo Cojuangco de San Miguel’s estate, who passed away in June, was inherited by his wife, Soledad Oppen-Cojuangco, who is ranked 16th with a net worth of $ 1.15 billion. She shares the fortune with her four children Carlos, Luisa, Margarita and Mark.
Six names fell off the list, including Edgar Saavedra of Megawide Construction. Megawide shares fell more than 65% after reporting a net loss in the first half of 398 million pesos ($ 8 million). However, Megawide co-founder Michael Cosiquien remained on the list as most of his wealth is tied to a previous sale of the company’s stock. Cosiquien is ranked 40th with a net worth of $ 175 million.
Four moguls returned to the ranks, in large part due to this year’s lower cut, which fell 23% from last year’s list to $ 100 million. They are Michael Romero (No. 46, $ 135 million) of Globalport 900; Luis Virata (No. 48, $ 115 million) from Nickel Asia, Mikel Aboitiz (No. 49, $ 110 million) from Aboitiz Equity Ventures, and Lourdes Montinola (No. 50, $ 100 million) from Far Eastern University.
The 10 richest people in the Philippines are:
- Sy brothers; US $ 13.9 billion
- Manuel Villar; $ 5 billion
- Enrique Razón Jr .; $ 4.3 billion
- Lance Gokongwei and brothers; $ 4.1 billion
- Jaime Zobel de Ayala; $ 3.6 billion
- Andrew Tan; $ 2.3 billion
- Lucio Tan; $ 2.2 billion
- Ramon Ang; $ 2 billion
- Tony Tan Caktiong; $ 1.9 billion
- Lucio and Susan Co; $ 1.7 billion
The list was compiled using information from individuals, stock exchanges, analysts, private databases, government agencies, and other sources. Net values were based on stock prices and exchange rates at the close of the markets on August 28, 2020. Private companies were valued using financial ratios and other comparisons with similar publicly traded companies. Since 2017, the list no longer includes families in which the founder of the company passed away, unless the successors are wealthy enough to make the cut individually; in these cases, inherited fortunes are combined.
For more information, visit www.forbes.com/philippines
About Forbes:
Forbes, the defining voice of corporate capitalism, stands up for success by celebrating those who have made it and those who aspire to achieve it. Forbes convenes and selects the most influential leaders and entrepreneurs who are driving change, transforming businesses, and making a significant impact on the world. Today, the Forbes brand reaches more than 160 million people around the world through its trusted journalism, exclusive LIVE and Forbes Virtual events, personalized marketing programs and 40 licensed local editions in 70 countries. Forbes Media brand extensions include real estate, educational and financial services license agreements. For more information, visit the Forbes News Hub or Forbes Connect.
For media inquiries, please contact:
Catherine Ong Associates Pte Ltd
Catherine Ong, tel: +65 6327 6088, cell: +65 9697 0007, [email protected]
Ashley Silitonga, tel: +65 6221 3321, cell: +65 9025 3532, [email protected]
